top deals

One of the reasons we publish our list of the highest CD rates from credit unions and local banks is that savers often can find a better deal down the block than at an institution that allows anyone from anywhere to invest.

Indeed, there are local markets for certificates of deposit that are considerably stronger than others.

Take, for instance, the average 5-year CD rate. Nationwide, it’s a record low 1.10% APY, according to our weekly survey.

You’ll find much higher rates here, both on our list of local deals and on our CD Rates Leaderboard.

But if you’re wondering if it’s worth it to look for a local deal or “settle” with the best nationally available rate, consider where your community ranks for average rates.

The top cities (among the largest 25 in the country) for average 60-month CD rates are:

Cincinnati — 1.41% APY

Phoenix — 1.30% APY

Houston — 1.29% APY

Minneapolis — 1.28% APY

San Diego — 1.27% APY

Tampa — 1.27% APY

And the worst cities:

Pittsburgh — 0.79% APY

Detroit — 0.95% APY

Cleveland — 1.00% APY

Boston — 1.02% APY

Chicago — 1.02% APY

Philadelphia — 1.02% APY

If you live in Cincy, it might be worth looking around a bit. Pittsburgh residents, on the other hand, should probably stick with the best nationally available deals.

Speaking of which, the top nationally available credit union deal on our list just got a rate boost.

Fort Knox Federal Credit Union bumped up its 59-month deal from 2.00% APY to 2.25% APY. Anyone can qualify for membership in Fort Knox by joining the American Consumer Council, right on the credit union’s website. Membership in the American Consumer Council is free. Joining the credit union costs $15.

The only rate cut to report this week came from Texas-based GECU, which lowered its 60-month rate to 2.35% APY and its 36-month rate to 1.85% APY.

You’ll find all the top-paying deals clearly marked on our highest CD rates page, showing where they are available, with a quick link back to the original post, which includes more information on the institution and its requirements.

We’ll update this page weekly so that you’ll always know what great deals are out there from credit unions and local banks.